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Euronext September milling wheat settled up 3.5% at 220.75 euros a tonne, setting new contract highs, and rapeseed also hit records. Chicago wheat rose above $7 a bushel, while US corn and soybeans jumped their daily limits on cold weather concerns.
Cold weather in the US and supply worries are lifting European and US grain benchmarks, raising feed wheat and oilseed meal costs. Rapeseed strength supports canola and rapeseed meal values.
brecorder.comReutersApr 23, 2021After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
US corn and soybeans jumped daily limits on cold weather concerns, supporting the rally.
